Why should you sell your home via auction?

Selling your home may be the biggest financial decision you will have to make in your lifetime. Therefore, it’s critical to get it right. The two most common methods of selling a home are private sale and auction.

Many vendors take a backward step when they hear the agent push for an auction sale. It’s a natural reaction because they automatically think their home won’t sell. But why wouldn't it? Auctions are a proven method of sale and have been for hundreds of years. So why are auctions beneficial?

They Create Competition

Auctions create a competitive bidding environment and have the ability to establish an emotional connection between the property and the purchaser in a short period of time. This may increase a property’s value and help achieve a premium result.

When you decide to sell your home you need to invest in marketing (if you want the best result) so it’s really important to get bang for your dollars. An intense marketing campaign, usually compressed between 20 – 30 days, will give you the best chance to draw the maximum number of buyers in a minimum timeframe. The marketing campaign will also allow the buyers to take note of the advertisement, identify it and immediately develop an emotional connection to the property. First impressions last, so make them count!

It Makes buyers ORganised

Auctions also have a set date, better known as auction day. Having a set date will make the prospective buyers be more organized and prepared for the auction. During the course of the campaign they will inspect the property, have their finances organized and so on. Come auction day, they’re ready to purchase which means you have genuine and qualified buyers at the ready!

The great thing about setting a date is that it creates structure in the campaign. It can lead to a result prior to, at or post-auction. But just as importantly, it gives the vendor and agent clarity about their roles in the selling process and ensures that they are fully prepared for all ‘open for inspections’ and the auction itself. Organisation and structure are vitally important, not just when you’re selling your home.

They Attract A Wide Demographic

Every agent wants as many buyers as they can get for their clients.  Auctions will attract them. Taking your property to auction can help you attract more buyers through ‘open for inspections’ and increased interest among potential bidders. Everyone wants to secure their dream home, especially first home buyers. Once the bidders are involved at an auction, they will be racing to the finish line. It just comes down to who wants it more.

It sells your home faster

Let’s be honest, we all want to sell our home as quickly as possible and for the best possible price.  The good news is that an auction can do just that. Auctions significantly reduce the number of days a property sits on the market. They provide an exciting ambience and an opportunity for buyers to get involved in the process while refusing to lose. Provided your property is promoted, presented and priced well, you will more than likely sell at auction.

Lastly, there is nothing more satisfying than selling your home unconditionally. This means that the home is sold without any conditions such as ‘subject to finance’ or ‘building’ or ‘pest inspection’.

A successful auction will deliver an immediate unconditional contract. In a sense, it gives the seller peace of mind knowing that they can ‘pop the champagne bottle’ the moment they hear that magical word, ‘SOLD’!